Access Holdings Plc has announced a pre-tax profit of N320.57 billion for the half-year ended June 30, representing an 8.12% decline from N348.92 billion recorded in the same period in 2024.
The group’s post-tax profit also dropped by 23.25% year-on-year to N215.92 billion from N281.33 billion in H1 2024.
However, gross earnings rose by 13.81% to N2.50 trillion.
Access Holdings said the results reflect the strength of its business model, diversification of revenue streams and progress on its five-year strategic plan.
The group’s banking subsidiary remained the major contributor to profitability, recording N303 billion in pre-tax profit and N199.3 billion in post-tax profit.
Interest income contributed 82% to gross earnings, compared to 67% in the previous year, and grew by 38.87% year-on-year to N2.04 trillion.
Access Insurance Brokers recorded 161% growth in profit before tax and a 125% increase in gross written premium.
Oxygen X, the group’s digital lending arm, generated N5.4 billion in revenue and N2.2 billion in profit before tax.
Operating expenses increased during the period, while fair value and foreign exchange gains declined by 89% to N45.94 billion from N407 billion in H1 2024, contributing to the drop in overall profit.
Total assets rose by 2.29% year-on-year to N42.45 trillion as of June 30, supported by customer deposits of N22.91 trillion.
Gross loans and advances to customers fell by 2.90% to N11.15 trillion.
Cash and cash equivalents increased by 10.09% to N5.75 trillion.
As of the close of trading on October 24, Access Holdings’ shares traded at N25 per share, reflecting a 4.82% year-to-date gain.
The group also confirmed it has met the Central Bank of Nigeria’s recapitalisation requirement, with share capital and share premium totaling N594.90 billion, above the N500 billion threshold.
